Note: 1) Remuneration is generally from a table titled “Remuneration of Directors and Key Managerial Personnel”. Sometimes, it is also reported along with the pay ratio. It does not include stock options. 2) In two cases, the amount reported in the two tables varied significantly. For Ultratech Cement, to calculate the pay ratio, the report uses Rs 12.92 crore as his remuneration because Maheshwari retired in December. For ABS Anand of Asian Paints, Rs 20.77 crore includes “Others - Employment contribution to provident and other funds”. The pay ratio uses Rs 14.4 crore.